NEWPORT BEACH : Bonds Sale for School District Building OKd
The Newport-Mesa Unified School District board and its new financing agency have authorized the sale of $5.3 million in bonds to fund a new district headquarters and school improvements.
The certificates of participation offered by the Newport-Mesa Unified School District Public Financing Authority will pay for a $1.26-million heating, ventilation and air-conditioning system at Corona del Mar High School, an expense that will be reimbursed by developer fees. Another $3.2 million of the money will be used for construction of the planned Education Center.
The boards authorized the sale of the certificates between now and Thanksgiving. Investors will buy the certificates in $5,000 increments, Finance Director Michael Fine said.
Certificate holders will be paid back over 10 to 15 years, depending on the deal the district is able to get. The revenue will come from leasing district properties.
When it is completed in 1995, the Education Center at Baker and Bear streets in Costa Mesa will be the new headquarters for district administrators now based in aging temporary bungalows at a corner of Newport Harbor High School.
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